Civic Intelligence

Cumberland Valley Electric Inc

990 • Fiscal year 2015 • EIN 61-0169533

Jan 01, 2015 to Dec 31, 2015 • Filed on Apr 28, 2016

Organization Profilewww.cumberlandvalley.coop
PO Box 440Gray, KY 40734

(606) 528-2677

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

46th percentile

0.56x

Higher debt load relative to assets than 46% of similar nonprofits.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2015

Liabilities / Revenue

41st percentile

1.20x

Higher debt load relative to revenue than 41% of similar nonprofits.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2015

Net Margin

47th percentile

0.0%

Higher net margin than 47% of similar nonprofits.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2015

Top Officer Pay

42nd percentile

$268,032

Higher top officer pay than 42% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2015

Asset Growth

78th percentile

5.3%

Faster asset growth than 78% of similar nonprofits.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Revenue Growth

18th percentile

-6.0%

Faster revenue growth than 18% of similar nonprofits.

2015 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets46th percentile

Assets

Up

$102,082,401

Up $5,177,633 (+5.3%) from 2014

Net Assets

Up

$45,000,399

Up $2,135,480 (+5.0%) from 2014

Liabilities

Up

$57,082,002

Up $3,042,153 (+5.6%) from 2014

Revenue And Expenses
Liabilities / Revenue41st percentileNet Margin47th percentile

Revenue

Down

$47,584,756

Down $3,015,613 (-6.0%) from 2014

Expenses

Down

$47,584,756

Down $3,015,613 (-6.0%) from 2014

Net Income

Flat

$0

Flat from 2014

Historical Trend

Balance Sheet Trend

Asset Growth78th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2010: $77,308,129Liabilities 2010: $45,985,133Net Assets 2010: $31,322,9962010Assets 2011: $82,033,415Liabilities 2011: $47,381,392Net Assets 2011: $34,652,0232011Assets 2012: $85,721,370Liabilities 2012: $48,720,978Net Assets 2012: $37,000,3922012Assets 2013: $93,207,169Liabilities 2013: $53,112,997Net Assets 2013: $40,094,1722013Assets 2014: $96,904,768Liabilities 2014: $54,039,849Net Assets 2014: $42,864,9192014Assets 2015: $102,082,401Liabilities 2015: $57,082,002Net Assets 2015: $45,000,3992015Assets 2016: $103,510,308Liabilities 2016: $56,805,107Net Assets 2016: $46,705,2012016Assets 2017: $103,007,681Liabilities 2017: $54,693,005Net Assets 2017: $48,314,6762017Assets 2018: $104,901,308Liabilities 2018: $53,795,071Net Assets 2018: $51,106,2372018Assets 2019: $109,287,038Liabilities 2019: $55,776,919Net Assets 2019: $53,510,1192019Assets 2020: $117,084,845Liabilities 2020: $62,190,607Net Assets 2020: $54,894,2382020Assets 2021: $124,042,321Liabilities 2021: $66,277,056Net Assets 2021: $57,765,2652021Assets 2022: $129,197,657Liabilities 2022: $69,435,087Net Assets 2022: $59,762,5702022Assets 2023: $127,328,727Liabilities 2023: $66,100,511Net Assets 2023: $61,228,2162023Assets 2024: $123,580,996Liabilities 2024: $61,702,848Net Assets 2024: $61,878,1482024

Highlighted filing

2015

Assets$102,082,401
Liabilities$57,082,002
Net Assets$45,000,399
Open 2015 Filing

Operations Trend

Revenue Growth18th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$80M$60M$40M$20M$0Expenses 2010: $47,627,9832010Expenses 2011: $51,828,0952011Expenses 2012: $49,457,8962012Revenue 2013: $49,799,493Expenses 2013: $49,799,493Net Income 2013: $02013Revenue 2014: $50,600,369Expenses 2014: $50,600,369Net Income 2014: $02014Revenue 2015: $47,584,756Expenses 2015: $47,584,756Net Income 2015: $02015Revenue 2016: $46,394,065Expenses 2016: $46,394,065Net Income 2016: $02016Revenue 2017: $43,756,936Expenses 2017: $43,756,936Net Income 2017: $02017Revenue 2018: $47,614,465Expenses 2018: $47,614,465Net Income 2018: $02018Revenue 2019: $45,359,945Expenses 2019: $45,359,945Net Income 2019: $02019Revenue 2020: $42,164,168Expenses 2020: $42,164,168Net Income 2020: $02020Revenue 2021: $47,250,559Expenses 2021: $47,250,559Net Income 2021: $02021Revenue 2022: $61,782,412Expenses 2022: $61,782,412Net Income 2022: $02022Revenue 2023: $59,924,348Expenses 2023: $59,924,348Net Income 2023: $02023Revenue 2024: $60,174,216Expenses 2024: $60,174,216Net Income 2024: $02024

Highlighted filing

2015

Revenue$47,584,756
Expenses$47,584,756
Net Income$0
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Apr 28, 2016
Return Version
2015v2.0
Gross Receipts
$47,584,756
Mission and Program Overview

Mission

Provide electric service to member owners on a patronage basis. Serve an average of 24,047 consumers monthly.

Provide electric service to member owners on a patronage basis. Serve an average of over 23,600 consumers monthly.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$63,658,916$64,846,230▲ $1,187,314
Rtn Earn Endowment Incm Other Fnds$43,280,488$45,362,093▲ $2,081,605
Investments Program Related$24,761,559$27,088,319▲ $2,326,760
Accounts Receivable$5,260,370$4,570,642▼ $689,728
Cash and Non-Interest-Bearing Accounts$1,912,562$4,314,572▲ $2,402,010
Inventories for Sale or Use$427,412$439,568▲ $12,156
Cap Stk Tr Prin Current Funds$432,860$434,115▲ $1,255
Prepaid Expenses and Deferred Charges$55,578$55,683▲ $105
Savings and Temporary Cash Investments$5,000$5,000→ $0
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Pd in Cap Srpls Land Bldg Eqp Fund$-848,429$-795,809▲ $52,620
Total Assets$96,904,768$102,082,401▲ $5,177,633
Other Assets Total$823,371$762,387▼ $60,984
Liabilities
Mortgage Notes Payable Secured by Investment Property$43,857,616$47,550,494▲ $3,692,878
Other Liabilities$6,427,864$6,268,368▼ $159,496
Accounts Payable and Accrued Expenses$3,754,369$3,263,140▼ $491,229
Total Liabilities$54,039,849$57,082,002▲ $3,042,153
Net Assets / Fund Balance
Total Net Assets Fund Balance$42,864,919$45,000,399▲ $2,135,480
Total Liabilities and Net Assets / Fund Balance$96,904,768$102,082,401▲ $5,177,633

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$64,846,230$36,268,383$101,114,613
Compensation and Service Providers
Top Officer Pay42nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ted HamptonPresident & CEOFT$104,811$46,749$268,032
Robert TolliverOffice ManagerFT$194,697$73,335$159,053
William J HamptonSuperintendentFT$104,811$46,749$151,560
Samuel TaylorServicemanFT$121,987$23,903$145,890
Gary BrockServicemanFT$114,554$19,499$134,053
Ernest DeatonServicemanFT$102,937$23,889$126,826
Lansford LaySec/Treas-$25,706-$25,706
Chester DavisDirectorPT$25,381-$25,381
Kevin MosesDirectorPT$25,306-$25,306
Roger VanoverVice ChairmanPT$23,101-$23,101
Vernon ShelleyChairman-$20,706-$20,706
Kermit CreechDirectorPT$13,463-$13,463
Elbert HamptonDirector-$13,334-$13,334
Delno TolliverDirector, retired-$106,529$64,164$11,640
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$44,149,138
Investment Income
$125,448
Other Revenue
$3,310,170
Change in Net Assets
$0

Audited Revenue Reconciliation

Revenue per Audited Statements
$47,584,756
Total Revenue per Audited Statements
$47,584,756
Total Revenue per Form 990
$47,584,756
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$39,856,018
Salaries, Compensation, and Employee Benefits$5,711,365
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,575,508--$3,575,508
Depreciation Depletion$3,509,699--$3,509,699
Benefits to Members$2,017,373--$2,017,373
Other Expenses$1,529,192--$1,529,192
Other Employee Benefits$924,197--$924,197
Pension Plan Contributions$565,894--$565,894
Interest$564,186--$564,186
Current Officers, Directors, Trustees, and Key Employees$353,334--$353,334
Payroll Taxes$292,432--$292,432
Insurance$237,334--$237,334
Fees for Services Legal$24,499--$24,499
Fees for Services Accounting$12,900--$12,900
All Other Expenses$-4,386,620--$-4,386,620
Total Functional Expenses$47,584,756$0$0$47,584,756

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$47,584,756
Total Expenses per Audited Statements$47,584,756
Total Expenses per Form 990$47,584,756
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accumulated postretirement benefits$3,547,439
Accrued expenses$1,453,839
Customer deposits$1,218,334
Advances for construction$48,756
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder

“Must be a member to receive electric service. Each member has 1 vote. May have more than 1 service per membership.”

Form 990, Part VI, Line 7A: How Members or Shareholders Elect Governing Body

“Nominating committee meets every year there is an election to select a member to run for director. A member not selected by the Nominating committee may run for director with a petition signed by 500 or more eligible members.”

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

“Articles of Incorporation can only be changed by a 2/3 majority vote of the membership. Bylaws may be altered, amended, or repealed by Board of Directors at any regular or special meeting with a majority vote of the directors.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Directors are furnished a draft copy of the Form 990 prior to filing.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Directors and key employees annually complete questionnaire on family and business relationships.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“15a & b. Board of Directors reviews and approves compensation of President/CEO and other employees based on a review of data compiled by state association of electric cooperatives of salaries and wages for Kentucky cooperatives.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Copy of Articles Of Incorporation and Bylaws are made available to each new member. Financial statements are available on Kentucky Public Service Commission website. Financial information published in magazine given to each member on an annual basis. Member meeting is held each year for the members.”

Filing and Contact Details

Filer

Filer Name
Cumberland Valley Electric
EIN
61-0169533
Phone
6065282677
Address
PO Box 440, Gray, KY 40734

Signing Officer

Name
Ted Hampton
Title
President & CEO
Signed
2016-04-28
Discuss with paid preparer
Yes

Organization Details

Formed
1940
Legal Domicile
Ky
Voting Board Members
7
Independent Board Members
7
Employees
53

Preparer

Firm
Alan Zumstein
Address
1032 CHETFORD DRIVE, LEXINGTON, KY 40509
Preparer
Alan Zumstein
Phone
8592647147
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Increases

“Comprehensive income-postretirement ben = $52620”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Margins allocated to members = $2017373”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Memberships issued = $1255”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Other equities = $64232”

Form 990, Part IX, Line 4 - Benefits paid to or for members

“Represents patronage capital allocated to members in accordance with the bylaws of the Cooperative. This reporting results in a difference between book income and income reported on the Form 990 by the same amount.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt2Sec/Treas
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7President & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt8Serviceman
IRS990/Form990PartVIISectionAGrp/TitleTxt9Serviceman
IRS990/Form990PartVIISectionAGrp/TitleTxt10Office Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt11Serviceman
IRS990/Form990PartVIISectionAGrp/TitleTxt12Superintendent
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director, retired
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IRS990/MissionDesc0Provide electric service to member owners on a patronage basis. Serve an average of over 23,600 consumers monthly.
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IRS990/OtherExpensesGrp/Desc1Distribution - maintenance
IRS990/OtherExpensesGrp/Desc2Consumer accounts
IRS990/OtherExpensesGrp/Desc3Administrative and general
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IRS990/OtherExpensesGrp/ProgramServicesAmt21987657
IRS990/OtherExpensesGrp/ProgramServicesAmt31529192
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IRS990/OtherExpensesGrp/TotalAmt12917645
IRS990/OtherExpensesGrp/TotalAmt21987657
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IRS990/OtherRevenueMiscGrp/Desc2Patronage capital allocat
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IRS990/OtherSourcesGrossIncomeAmt01148603
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/ProgramServicesAmt0292432
IRS990/PayrollTaxesGrp/TotalAmt0292432
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IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt0-795809
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt055683
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IRS990/PYProgramServiceRevenueAmt046916437
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IRS990/PYTotalRevenueAmt050600369
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IRS990/RelatedEntityInd0false
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IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0true
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IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt045362093
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Advances for construction
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Customer deposits
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IRS990ScheduleJ/CompensationSurveyInd0X
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1194697
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt2104811
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt052524
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt173335
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt246749
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt011640
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Delno Tolliver
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Robert Tolliver

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$102,082,401
Liabilities
$57,082,002
Net assets
$45,000,399
Revenue
$47,584,756
Expenses
$47,584,756
Net income
$0
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$124$61.7$61.9$60.2$60.2$0.00
2023Detailed filing. Detailed filing data is available for this year.$127$66.1$61.2$59.9$59.9$0.00
2022Detailed filing. Detailed filing data is available for this year.$129$69.4$59.8$61.8$61.8$0.00
2021Detailed filing. Detailed filing data is available for this year.$124$66.3$57.8$47.3$47.3$0.00
2020Detailed filing. Detailed filing data is available for this year.$117$62.2$54.9$42.2$42.2$0.00
2019Detailed filing. Detailed filing data is available for this year.$109$55.8$53.5$45.4$45.4$0.00
2018Detailed filing. Detailed filing data is available for this year.$105$53.8$51.1$47.6$47.6$0.00
2017Detailed filing. Detailed filing data is available for this year.$103$54.7$48.3$43.8$43.8$0.00
2016Detailed filing. Detailed filing data is available for this year.$104$56.8$46.7$46.4$46.4$0.00
2015Detailed filing. Detailed filing data is available for this year.$102$57.1$45.0$47.6$47.6$0.00
2014Detailed filing. Detailed filing data is available for this year.$96.9$54.0$42.9$50.6$50.6$0.00
2013Detailed filing. Detailed filing data is available for this year.$93.2$53.1$40.1$49.8$49.8$0.00
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$85.7$48.7$37.0$49.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$82.0$47.4$34.7$51.8
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$77.3$46.0$31.3$47.6
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2015 filings • 501(c)12 • $100M-$250M nonprofits